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Copper Trends Higher on Bullish Demand Outlook

April 03, 2024, 09.11 AM | Source: Reuters
Copper Trends Higher on Bullish Demand Outlook

ILUSTRASI. Copper rose on Wednesday amid bullish demand outlook raised by positive manufacturing data from major economies.


COPPER - BEIJING. Copper rose on Wednesday amid bullish demand outlook raised by positive manufacturing data from major economies, while supply worries also aided prices.

Three-month copper on the London Metal Exchange was up 0.3% to $9,018.50 per metric ton by 0142 GMT.

The most-traded May copper contract on the Shanghai Futures Exchange climbed 0.5% to 73,490 yuan ($10,159.53) per ton, up for a fifth session in a row.

China's manufacturing activity expanded for the first time in six months in March, an official survey showed last week.

Its manufacturing activity also expanded at the fastest pace in 13 months, with business confidence hitting an 11-month high, driven by growing new orders from customers at home and abroad, according to a private survey.

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This was aided by an unexpected rise in U.S. factory activity, ANZ analysts noted.

Also supporting the market was shortages of copper concentrate that triggered Chinese smelters to plan output cut.

SHFE will be closed on Thursday and Friday for the Qingming holiday.

Elsewhere, LME aluminium slid 0.3% to $2,372 per ton, nickel gained 0.2% to $17,070, zinc was up 0.3% to $2,488, lead rose 0.3% to $2,025.50, while tin shed 0.4% to $27,800.

SHFE aluminium advanced 0.8% to 19,900 yuan a ton, zinc was 0.8% higher at 21,235 yuan, nickel rose 1.1% to 133,780 yuan, and tin dipped 0.3% to 227,130 yuan, while lead steadied at 16,455 yuan.

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Editor: Wahyu T.Rahmawati

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